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Wells REIT Takes Majority of Rubbermaid HQ

ATLANTA-Three Glenlake will be home to the company under a lease until 2020.

By Crystal Proenza | Updated on September 24, 2008

ATLANTA-Wells Real Estate Investment Trust II has taken majority ownership at Three Glenlake Parkway, a $100-million office tower in suburban Sandy Springs that will house the global headquarters of Newell Rubbermaid. The acquisition is part of a joint venture the REIT has with the 354,963-sf building’s original developers, Greenstone Properties, Granite Properties and Pope & Land, which will all maintain a minority stake.

The property celebrated its opening Wednesday with ceremonies attended by Georgia Gov. Sonny Perdue, Newell Rubbermaid president and CEO Mark D. Ketchum and Wells Real Estate Funds president Leo Wells, along with a number of the 550 Newell Rubbermaid employees that will work in the building. Keith Willby, senior vice president of acquisitions with Wells REIT, says the deal was inked over a year ago but was not closed until the tenant took occupancy.

Newell Rubbermaid, parent company of well-known brands including Rubbermaid, Sharpie and Graco, will occupy the entire building under a lease until 2020 and has two five-year renewal options. The building, located near Georgia 400, has been recognized for sustainable design and construction under the Green Globes standard for commercial buildings.

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